Universal Life Insurance Tips

  1. Pitfalls to Look Out for When Buying a Life Insurance Policy: Why Universal Life is a Good Idea if You want Flexibility
    Don't buy a policy does not suit your family's needs! The wrong policy can cost you thousands and leave your family strangled for cash.

  2. Whole Life or Universal Life?
    Universal life was created to deal with some of the shortcomings of traditional whole life insurance, which provides insurance for the insured’s lifetime.

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What Clients Say About LSM

life insurance testimonialsLSM responded immediately to my insurance inquiry. They finalized everything in the comfort of...1 of 85Jackie CRead more


  1. maria alcaria 08/26/2008 at 10:27 pm

    I’m looking for a life insurance policy that works best for me.

  2. LSM Insurance 08/27/2008 at 8:24 am

    Hi Marcia,

    A Universal Life policy may be a good fit. But life insurance and especially Universal Life insurance can be very complex. I would recommend you first speak to qualified independent broker before making any decisions.

    You can feel free to contact me at [email protected] or 905 248 4849 to discuss things further. Regards … Lorne

  3. dominga 09/12/2009 at 12:53 am

    i already have a universal life insurance, and am paying much but my husband doesn’t have and maybe if we take one for him it will be too much for us. so is there any joint for me and my husband or family insurance as i have two kids ages 13 and 9

  4. LSM Insurance 09/12/2009 at 11:46 am

    Hi Dominga,

    Thanks for the note. I will send you a separate email shortly. Regards … LSM Insurance

  5. NESTOR OLFINDO 04/21/2010 at 3:45 pm

    Hi, i’ve been a Universal Life policy holder since 2002, but right now we’re having a financial problem, and in need of extra money, so me and my wife decided to cancel our policy,..since i already have one from my work.

    Is there a charge for canceling that and how can we withdraw the rest of our funds.

    Thanks so much!!


  6. LSM Insurance 04/21/2010 at 5:37 pm

    Thanks for the note. There is no charge to cancel a Universal Life policy. But many plans have a surrender penalty on the existing accumulation if you cancel the policy in the first 7 to 10 years.

    i.e if $6000 is in your accumulation fund you may only receive $3500 on surrender. Your broker or the insurance company will be able to give you teh exact figures.

  7. Graeme 07/30/2010 at 11:58 pm

    If a policy is canceled, how long until the attached cash account is returned to the client?

  8. Eliseo 08/02/2010 at 12:59 pm

    Hi! Ive been a Universal Life Solutions policy holder since …. and as of now, im having a little financial problem. Is it possible for me to avail of a policy loan for this plan? Also, my beneficiaries are not living in Canada. If something happens to me, can they claim the insurance amount.

  9. LSM Insurance 08/11/2010 at 11:45 am

    Thanks for the note. You should be able to take a policy loan and your beneficaries can claim on the policy but keep in mind the policy will be paid out in Canadian dollars

  10. Graeme 09/14/2010 at 12:44 am

    If a client decides to cancel their policy, how long until they receive their cash value?

  11. LSM Insurance 09/14/2010 at 8:25 am

    Most surrender or loan requests are processed within 3 to 7 business days depending on the company.

  12. Graeme 09/14/2010 at 1:16 pm

    Surrender? That makes it sound like I don’t get it all back. If it’s my money, and I’ve been putting it in the cash account since the plan started, why is there a ‘surrender’ amount to get my own money back?
    Also, why do you call it a “loan” when again, it’s my money? It sounds like I would be charged interest to borrow my own money…that can’t be right, can it?

  13. LSM Insurance 09/14/2010 at 3:40 pm

    Hi Graeme,

    The surrender amount of cash value in your policy. You would get whatever this value is.

    I would suggest you contact your broker or the insurance carrier for more details on what that value would be. Yes any policy loan would produce an interest but this amount depending on the policy can be favourable and some instances can be deductible.

  14. Tye 01/17/2012 at 1:23 am

    Hi, I am a 46 yr old man with nothing to leave behind for my final expenses. I need affordable insurance but don’t know what type suits my needs best. Please advise.

    Thank you

  15. LSM Insurance 01/17/2012 at 9:27 am

    Thanks for the note Tye. We will send you an email shortly – the premiums will depend on your smoking status, type of plan and the amount of coverage.

  16. Constance 07/14/2014 at 8:45 am

    Do all YRT Universal Life Policies have surrender penalties. My plan is in year 13

  17. LSM Insurance 07/14/2014 at 11:44 am

    Thanks for the note. Most YRT plans do have surrender penalties but the surrender schedule usually ends by year 10. You can check with the insurance company for clarification and I would get something in writing.

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